Confused Biden Muddles ‘Debt’ and ‘Deficit’: President Faces Criticism Over Economic Claims

William FurneyOct 16, 2023

Minute Read

President Joe Biden’s claims of success with the soaring federal deficit as well as ballooning US debt have been ridiculed as wildly inaccurate and he’s even “confusing” the words while making claims about the economy that are not correct.

‘Slashed Federal Debt’

The Democratic president said in a speech that he had managed to slash US federal debt by $1.7 trillion. But official figures show this is not the case because it has actually increased by a staggering $5.7 trillion during his almost three years at the White House.

‘Deficit’ Not ‘Debt’

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Biden appeared to confuse the words “deficit” and “debt” when making his speech about the economy. The US federal deficit, which has also been ballooning, is the amount of money needed to make up the budget while the federal debt is the total sum the government owes creditors.

Recent Biden ‘Confusion’

President Biden, 80, sparked concern when he appeared to mumble and was seemingly confused when talking at recent events, including at a press conference in Vietnam on a swing through Southeast Asia — prompting aides to cut off his microphone.

‘Incoherent Speech’

“We talked about stability,” Biden told reporters in Hanoi. “We talked about making sure that the third world, excuse me, the southern hemisphere, had access to change and access. It wasn’t confrontational at all.” White House Press Secretary Karine Jean-Piere then stepped in to rescue the president by turning off his mic.

‘Baby Biden’

Biden may be the oldest president in American history but is “treated like a baby” by White House staff and aides, according to a new book, The Last Politician: Inside Joe Biden’s White House and the Struggle for America’s Future. It is a claim that Jean-Piere denied.

Biden’s Stumbles

Further concern was raised when the president made a series of stumbles, while on the steps of Air Force One as well as walking on stage. Some are wondering if Biden is too old and infirm and if he should not seek a second term in office. But he has announced he is running in next year’s presidential election.

Clarification of Biden’s Fiscal Remarks

The president had meant to say “deficit”, not US federal debt, when he said it had been reduced by $1.7 trillion, the White House later clarified. Analysts were still puzzled, however, pointing out that Biden couldn’t exactly take credit for slashing the deficit because it was largely due to the end of emergency pandemic funding.

Soaring US Federal Deficit

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A steep rise in government spending and a fall in tax revenues is blamed for pushing the federal budget deficit higher. It stands at just over $1.5 trillion for fiscal year 2023 — the amount the government spent in excess of the money it had. In his speech, President Biden maintained there was an “actual surplus” in this year’s budget, meaning there were funds left over following spending, but given the deficit figure, his claim is not correct.

Enormous US Debt

US gross federal debt has now risen to a record $33 trillion. It equals $252,000 per American household or $99,000 per person, and the government is spending $2 billion per day just to service interest on the huge debt pile.

Further Biden ‘Credit’

In his speech on the economy, which was fact-checked by the media and found to be incorrect in many instances, President Biden also took credit for improving the US federal budget in 2021 and 2022, due to the introduction of a new tax policy.

Another False Claim

But as the US media were quick to point out, Biden’s new tax regime didn’t apply to 2021 or 2022 as it came into force this year, so it was not possible for the president to take credit for it affecting the federal budget of previous years.

Biden Approval Rating

Biden’s approval figures have fallen to their lowest level of his presidency, with 54% of Americans now disapproving, according to a Reuters/Ipsos poll in early October. Voters said they were most worried about Biden’s immigration policies, followed by concerns about the economy under Biden’s watch.

Re-Election Run

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The president is polling at just under 50% of people who say they would vote for him in the 2024 presidential election, a figure that is almost similar for former president Donald Trump, who is seeking the Republican nomination.